The global Smart Transportation Market
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size was valued
at USD 44.26 billion in 2015 and is anticipated to reach a market size of USD 285.12
billion by 2024. The global smart transportation market is expected to grow at a rapid
pace over the forecast period. Smart transportation is also called Intelligent Transport
System (ITS)
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. It is an innovative transportation structure that aims to offer innovative services
for transport and traffic management system. Smart transportation combines the usage of
artificial intelligence along with information technology to effectively coordinate and
manage the transportation systems. It is mainly concerned with efficiently and
resourcefully managing the rail, air, and road transportation modes and allied transport
infrastructure.

The application of smart transportation network lets the traveling population gain an
enhanced knowledge about the traffic to enable better coordination. Additionally, its
implementation ensures the safety of the drivers. Planning smart cities turns out to be a
feasible option for municipal authorities and governments since the stress on decreasing
emissions of carbon is increasing owing to the fact that conventional cities form a major
source of CO2 emissions.

The global smart transportation market is poised for growth on account of the growing
need for improving the performance of prevailing transportation networks and rising focus
on road safety. The major long-term drivers of the market include demographic and economic
growth in the emerging economies. In the developed countries, they are connected to the up
gradation and renewal of the prevailing infrastructure along with grown environmental and
sustainability awareness. Huge traffic jamming because of increasing number of vehicles
has contributed to the requirement for advanced public traffic management systems.
Consequent need for smart vehicles with public, private partnerships is also projected to
be a key opportunity for growth over the next eight years.

The increase in the sales of automobiles all over the world is increasing the traffic
congestion. This, in turn, is creating the need for smart transportation systems. The
rising awareness regarding safety among the drivers is also expected to favorably impact
the growth of the global smart transportation market. Government initiatives such as the
EU Directive on intelligent transportation systems were passed to effectively manage
traffic on the road. It would help in saving fuel as well as time. Several other
governments such as the UK government have shown their interest to deploy smart
transportation systems across their countries. This is expected to further increase the
demand for smart transportation systems.

However, the major restraint for the overall market includes the need for huge capital
investment since the prevailing transportation systems requires a total revamp. Adding to
it, the implementation of smart transportation systems needs a big database of road
networks which might not be available in the developing countries. This is again acting as
a limitation for the market. Moreover, certain downtime is essential to update the
infrastructure in order to deploy smart transportation systems. This acts a major
hindrance as it would mean a total halt in the routine travel of passengers.

The global smart transportation market is segmented on the basis of solutions,
services, and green/smart fuels. The market is classified on the basis of solutions into
parking guidance & management systems, integrated supervision systems, traffic management
systems, ticketing management systems, and passenger information system. The ticketing
management system is expected to generate the maximum revenue since it is the elementary
system of transportation infrastructure that is easily implemented. Additionally, the
integrated supervision system is anticipated to witness the maximum growth potential since
it reduces accidents and traffic jams and also provides enhanced safety measures.

On the basis of services, the market is segmented into professional services, cloud
services, and business services. The segment generating maximum revenue includes
professional services and the cloud services segmented is expected to witness the fastest
growth rate since the system would generate a considerable amount of data which would be
stored in the cloud. On the basis of green/smart fuels, smart transportation market has
been segmented into ethanol, wood-gas, biogas, hydrogen, and solar-cell. At present,
ethanol is generating the highest revenue as it is used as a biofuel stabilizer to reduce
pollution. However, solar-cell is projected to witness the highest rate of growth over the
forecast period.

North America emerged as the most dominant region for the global smart transportation
market on account of various factors including growing demand across public & private
sector, promotional activities and government initiatives particularly across the U.S.
Asia-Pacific is projected to have a tremendous growth over the next eight years. This
growth can be attributed to the intensive research & development and regulatory activities
in the emerging nations including Japan and India.

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